Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Mar. 19, 2020 | Jun. 28, 2019 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Current Fiscal Year End Date | --12-31 | ||
Document Period End Date | Dec. 31, 2019 | ||
Entity File Number | 000-29959 | ||
Entity Registrant Name | CASSAVA SCIENCES INC | ||
Entity Incorporation, State Country Name | DE | ||
Entity Tax Identification Number | 911911336 | ||
Entity Address, Address Line One | 7801 N. Capital of Texas Highway | ||
Entity Address, Address Line Two | Suite 260 | ||
Entity Address, City or Town | Austin | ||
Entity Address, State or Province | TX | ||
Entity Address, Postal Zip Code | 78731 | ||
City Area Code | 512 | ||
Local Phone Number | 501-2444 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 19,381,188 | ||
Entity Common Stock, Shares Outstanding | 24,729,902 | ||
Amendment Flag | false | ||
Entity Central Index Key | 0001069530 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2019 |
Balance Sheets
Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 23,081 | $ 19,807 |
Other current assets | 268 | 233 |
Total current assets | 23,349 | 20,040 |
Operating lease right-of-use assets | 90 | |
Property and equipment, net | 47 | 87 |
Other assets | 12 | |
Total assets | 23,486 | 20,139 |
Current liabilities: | ||
Accounts payable | 453 | 294 |
Accrued development expense | 777 | 156 |
Accrued compensation and benefits | 58 | 61 |
Operating lease liabilities, current | 90 | |
Other current liabilities | 9 | |
Total current liabilities | 1,387 | 511 |
Operating lease liabilities, non-current | ||
Total liabilities | 1,387 | 511 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock, $.001 par value; 10,000,000 shares authorized, none issued and outstanding | ||
Common stock, $.001 par value; 120,000,000 shares authorized; 21,841,810 shares issued and outstanding at December 31, 2019 and 2018, respectively | 22 | 17 |
Additional paid-in capital | 190,664 | 183,567 |
Accumulated deficit | (168,587) | (163,956) |
Total stockholders' equity | 22,099 | 19,628 |
Total liabilities and stockholders' equity | $ 23,486 | $ 20,139 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Balance Sheets [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 120,000,000 | 120,000,000 |
Common stock, shares issued | 21,841,810 | 17,219,300 |
Common stock, shares outstanding | 21,841,810 | 17,219,300 |
Statements Of Operations
Statements Of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Operating expenses: | ||
Research and development, net of grant reimbursement | $ 1,568 | $ 2,969 |
General and administrative | 3,391 | 3,693 |
Total operating expenses | 4,959 | 6,662 |
Operating loss | (4,959) | (6,662) |
Interest income | 328 | 105 |
Net loss | $ (4,631) | $ (6,557) |
Net loss per share, basic and diluted | $ (0.27) | $ (0.61) |
Shares used in computing net loss per share, basic and diluted | 17,412 | 10,682 |
Statements Of Stockholders' Equ
Statements Of Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Income [Member] | Accumulated Deficit [Member] | Total |
Balance at Dec. 31, 2017 | $ 7 | $ 167,091 | $ (157,399) | $ 9,699 | |
Balance, Shares at Dec. 31, 2017 | 6,595,509 | ||||
Stock options for employees | 2,352 | 2,352 | |||
Stock options for non-employees | 36 | 36 | |||
Issuance of common stock and warrants | $ 10 | 14,088 | 14,098 | ||
Issuance of common stock and warrants, shares | 10,623,791 | ||||
Net loss | (6,557) | (6,557) | |||
Balance at Dec. 31, 2018 | $ 17 | 183,567 | (163,956) | 19,628 | |
Balance, Shares at Dec. 31, 2018 | 17,219,300 | ||||
Stock options for employees | 1,287 | 1,287 | |||
Stock options for non-employees | 9 | 9 | |||
Issuance costs from 2018 sale of common stock and warrants | (60) | (60) | |||
Issuance of common stock pursuant to exercise of warrants | $ 5 | 5,861 | 5,866 | ||
Issuance of common stock pursuant to exercise of warrants, shares | 4,622,510 | ||||
Net loss | (4,631) | (4,631) | |||
Balance at Dec. 31, 2019 | $ 22 | $ 190,664 | $ (168,587) | $ 22,099 | |
Balance, Shares at Dec. 31, 2019 | 21,841,810 |
Statements Of Cash Flows
Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | ||
Net loss | $ (4,631) | $ (6,557) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Non-cash stock-based compensation | 1,296 | 2,388 |
Depreciation and amortization | 58 | 69 |
Changes in operating assets and liabilities: | ||
Other current assets | (23) | (49) |
Accounts payable | 159 | (130) |
Accrued development expense | 621 | (243) |
Accrued compensation and benefits | (3) | (248) |
Other current liabilities | 9 | |
Net cash used in operating activities | (2,514) | (4,770) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (18) | |
Net cash used in investing activities | (18) | |
Cash flows from financing activities: | ||
Issuance costs from 2018 sale of common stock and warrants | (60) | |
Proceeds from sale of common stock and warrants, net | 14,098 | |
Proceeds from exercise of common stock warrants, net | 5,866 | |
Net cash provided by financing activities | 5,806 | 14,098 |
Net increase in cash and cash equivalents | 3,274 | 9,328 |
Cash and cash equivalents at beginning of period | 19,807 | 10,479 |
Cash and cash equivalents at end of period | $ 23,081 | $ 19,807 |
General And Liquidity
General And Liquidity | 12 Months Ended |
Dec. 31, 2019 | |
General And Liquidity [Abstract] | |
General And Liquidity | 1. General and Liquidity Cassava Sciences, Inc. (the Company), formerly known as Pain Therapeutics, Inc., develops proprietary drugs that offer significant improvements to patients and healthcare professionals. The Company generally focuses its drug development efforts on disorders of the nervous system. Liquidity The Company has incurred significant net losses and negative cash flows since inception, and as a result has an accumulated deficit of $168.6 million at December 31, 2019. The Company expects its cash requirements to be significant in the future. The amount and timing of its future cash requirements will depend on regulatory and market acceptance of the Company’s product candidates and the resources it devotes to researching and developing, formulating, manufacturing, commercializing and supporting its products. The Company may seek additional future funding through public or private financing in the future, if such funding is available and on terms acceptable to the Company. |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Summary Of Significant Accounting Policies [Abstract] | |
Summary Of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires that management make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenue earned and expenses incurred during the reporting period. Actual results could differ from those estimates. Proceeds from Grants In 2019, the Company received $4.7 million of reimbursement from the National Institutes of Health and National Institute on Drug Abuse and $3.0 million in 2018. The Company records the proceeds from these grants as reductions to its research and development expenses. Cash and Cash Equivalents and Concentration of Credit Risk The Company invests in cash and cash equivalents and, in the past, marketable securities. The Company considers highly-liquid financial instruments with original maturities of three months or less to be cash equivalents. Highly liquid investments that are considered cash equivalents include money market funds, certificates of deposit, treasury bills and commercial paper. The carrying value of cash equivalents approximates fair value due to the short-term maturity of these securities. The Company’s investment policy allows for investments in marketable securities with active secondary or resale markets, establishes diversification and credit quality requirements and limits investments by maturity and issuer. The Company maintains its investments at one financial institution. Fair Value Measurements The Company reports its cash and cash equivalents at fair value as Level 1, Level 2 or Level 3 using the following inputs: · Level 1 includes quoted prices in active markets. The Company bases the fair value of money market funds and U.S. treasury securities on Level 1 inputs. · Level 2 includes significant observable inputs, such as quoted prices for identical or similar investments, or other inputs that are observable and can be corroborated by observable market data for similar securities. The Company uses market pricing and other observable market inputs obtained from third-party providers. It uses the bid price to establish fair value where a bid price is available. The Company bases the fair value of its certificates of deposit and marketable securities, if any, on Level 2 inputs. · Level 3 includes unobservable inputs that are supported by little or no market activity. The Company does not have any investments where the fair value is based on Level 3 inputs. If a financial instrument uses inputs that fall in different levels of the hierarchy, the instrument will be categorized based upon the lowest level of input that is significant to the fair value calculation. Certificates of deposit are included within cash equivalents as a Level 2 input. The fair value of the remainder of cash and cash equivalents was based on Level 1 inputs at December 31, 2019 and 2018. Business Segments The Company reports segment information based on how it internally evaluates the operating performance of its business units, or segments. The Company’s operations are confined to one business segment: the development of novel drugs and diagnostics. Stock-based Compensation The Company recognizes non-cash expense for the fair value of all stock options and other share-based awards. The Company uses the Black-Scholes option valuation model to calculate the fair value of stock options, using the single-option award approach and straight-line attribution method. This model requires the input of subjective assumptions including expected stock price volatility, expected life and estimated forfeitures of each award. These assumptions consist of estimates of future market conditions, which are inherently uncertain, and therefore, are subject to management's judgment. The Company adopted ASU No. 2018-07, Compensation—Stock Compensation (Topic 718) , Improvements to Nonemployee Share-Based Payment Accounting , on January 1, 2019. Accordingly, for all options granted, it recognizes the resulting fair value as expense on a straight-line basis over the vesting period of each respective stock option, generally four years. The Company has granted share-based awards that vest upon achievement of certain performance criteria, or performance awards. The Company multiplies the number of performance awards by the fair market value of its common stock on the date of grant to calculate the fair value of each award. It estimates an implicit service period for achieving performance criteria for each award. The Company recognizes the resulting fair value as expense over the implicit service period when it concludes that achieving the performance criteria is probable. The Company periodically reviews and updates as appropriate its estimates of implicit service periods and conclusions on achieving the performance criteria. Performance awards vest and common stock is issued upon achievement of the performance criteria. Net Loss per Share Basic net loss per share is computed on the basis of the weighted-average number of common shares outstanding for the reporting period. Diluted net loss per share is computed on the basis of the weighted-average number of common shares outstanding plus dilutive potential common shares outstanding using the treasury-stock method. Potential dilutive common shares consist of outstanding equity awards and warrants. There is no difference between the Company’s net loss and comprehensive loss. The numerators and denominators in the calculation of basic and diluted net loss per share were as follows (in thousands): Year ended December 31, 2019 2018 Numerator: Net loss $ (4,631) $ (6,557) Denominator: Shares used in computing net loss per share, basic and diluted 17,412 10,682 Net loss per share, basic and diluted $ (0.27) $ (0.61) The Company excluded weighted equity awards and warrants outstanding to purchase common stock from the calculation of diluted net loss per share because the effect of including these shares in this calculation would be anti-dilutive. The potential shares of common stock that have been excluded from the diluted loss per share calculation above for the years ended December 31, 2019 and 2018 were as follows: Year ended December 31, 2019 2018 Stock options 2,932,421 2,864,754 Stock warrants 4,504,091 9,126,601 Potential common shares 7,436,512 11,991,355 Fair Value of Financial Instruments Financial instruments include cash and cash equivalents, accounts payable and accrued liabilities. The estimated fair value of financial instruments has been determined using available market information or other appropriate valuation methodologies. However, considerable judgment is required in interpreting market data to develop estimates of fair value; therefore, the estimates are not necessarily indicative of the amounts that could be realized or would be paid in a current market exchange. The effect of using different market assumptions and/or estimation methodologies may be material to the estimated fair value amounts. The carrying amounts of cash and cash equivalents, accounts payable and accrued liabilities are at cost, which approximates fair value due to the short maturity of those instruments. Right-of-use Asset and Liability The Company has a single non-cancelable operating lease for approximately 6,000 square feet of office space in Austin, Texas that expires on December 31, 2020 , which is used for the development of novel drugs. Prior to January 1, 2019, the Company accounted for leases in accordance with the provisions of ASC Topic 840. Under the previous leasing guidance, the Company expensed lease payments over the term of the lease and did not give recognition to any lease related assets or liabilities on its balance sheet. On January 1, 2019, the Company adopted ASU No. 2016-02 , Leases (ASC 842) which, as permitted by ASC Topic 842, is the date of initial application. The core principle of ASC Topic 842 is that a lessee should recognize the assets and liabilities that arise from leases. For operating leases, a lessee is required to recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in the statement of financial position. The Company recognized a right-of-use asset and operating lease liability upon the adoption of ASU 2016-02 which increased total assets and total liabilities relative to such amounts prior to adoption. The Company utilized a discount rate of 5.5% to determine the present value of the future lease payments which represents the Company’s incremental borrowing rate. The impact of adopting ASC 842 on assets and liabilities recorded as of January 1, 2019 were as follows (in thousands): Assets Operating lease right-of-use assets $ 180 Liabilities Operating lease liabilities, current 90 Operating lease liabilities, non-current $ 90 The Company recorded a reduction of the non-current portion of the lease liability and an offsetting reduction in the right-of-use assets of $90,000 during the year ended December 31, 2019. There was no change to the statement of operations during the year ended December 31, 2019 or statement of cash flows during the year ended September 30, 2019 as a result of the adoption of ASC Topic 842. See additional information regarding leases in Note 8 – Commitments and Contingencies. Income Taxes The Company accounts for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax balances are adjusted to reflect tax rates based on currently enacted tax laws, which will be in effect in the years in which the temporary differences are expected to reverse. The Company has accumulated significant deferred tax assets that reflect the tax effects of net operating loss and tax credit carryovers and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Realization of certain deferred tax assets is dependent upon future earnings. The Company is uncertain about the timing and amount of any future earnings. Accordingly, the Company offsets these deferred tax assets with a valuation allowance. The Company accounts for uncertain tax positions in accordance with ASC 740, “Income Taxes”, which clarifies the accounting for uncertainty in tax positions. These provisions require recognition of the impact of a tax position in the Company’s financial statements only if that position is more likely than not of being sustained upon examination by taxing authorities, based on the technical merits of the position. Any interest and penalties related to uncertain tax positions will be reflected as a component of income tax expense. Research Contract Costs and Accruals The Company has entered into various research and development contracts with research institutions and other third-party vendors. These agreements are generally cancelable, and related payments are recorded as research and development expenses as incurred. The Company records accruals for estimated ongoing research costs. When evaluating the adequacy of the accrued liabilities, the Company analyzes progress of the studies including the phase or completion of events, invoices received and contracted costs. Significant judgments and estimates are made in determining the accrued balances at the end of any reporting period. Actual results could differ from the Company’s estimates. The Company’s historical accrual estimates have not been materially different from the actual costs. Recent Accounting Pronouncements The Company reviewed recently issued accounting pronouncements and plan to adopt those that are applicable to it, and does not expect the adoption of these pronouncements to have a material impact on its financial position, results of operations or cash flows. In December 2019, the FABS issued ASU No. 2019-12, Income Taxes (Topic 740) Simplifying Accounting for Income Taxes as part of its initiative to reduce complexity in the accounting standards . The guidance amended certain disclosure requirements that had become redundant, outdated or superseded. Additionally, this guidance amends accounting for the interim period effects of changes in tax laws or rates, and simplifies aspects of the accounting for franchise taxes. The guidance is effective for annual periods beginning after December 15, 2020, and is applicable for the Company in fiscal 2021. Early adoption is permitted. The Company does not anticipate that this guidance will have a material impact on its consolidated financial statements. In November 2018, the FASB issued ASU No. 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction Between Topic 808 and Topic 606. The amendments in this update provide guidance on how to assess whether certain transactions between collaborative arrangement participants should be accounted for within the revenue recognition standard. The amendments in this update are effective for interim and annual periods for the Company beginning on January 1, 2020. The Company does not anticipate that this guidance will have a material impact on its consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820) - Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement (ASU 2018-13), which is designed to improve the effectiveness of disclosures by removing, modifying and adding disclosures related to fair value measurements. ASU 2018-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company is currently evaluating the impact of ASU 2018-13 on its consolidated financial statements. |
Collaboration Agreement
Collaboration Agreement | 12 Months Ended |
Dec. 31, 2019 | |
Collaboration Agreement [Abstract] | |
Collaboration Agreement | 3. Collaboration Agreement The Company had formerly entered into a Development and License Agreement (the License Agreement) with Durect Corporation around certain controlled-release technology. On March 20, 2019, the Company gave notice of termination for such License Agreement. This and other actions effectively ended the Company’s development of any product candidates related to such technology . |
Property And Equipment
Property And Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Property And Equipment [Abstract] | |
Property And Equipment | 4. Property and Equipment The Company’s property and equipment include furniture and equipment with a purchase value of $1.0 million at December 31, 2019 and 2018. Depreciation is recognized using the straight-line method over the expected life of the property and equipment. Accumulated depreciation was $0.9 million at December 31, 2019 and 2018. Subsequent to December 31, 2019, the Company completed the sale, to an independent third party, of fully depreciated surplus manufacturing equipment and received net proceeds totaling $100,000 . |
Stockholders' Equity And Stock-
Stockholders' Equity And Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Stockholders' Equity And Stock-Based Compensation [Abstract] | |
Stockholders' Equity And Stock-Based Compensation | 5. Stockholders' Equity and Stock-Based Compensation Preferred Stock The Company’s Board of Directors has the authority to issue preferred stock in one or more series and to fix the rights, preferences, privileges, restrictions and the number of shares constituting any series or the designation of the series. 2018 Registered Direct Offering On August 17, 2018, the Company completed a common stock offering pursuant to which certain investors purchased 8,860,778 shares of common stock and warrants at a price of $1.275 per share. Net proceeds of the offering were approximately $10.1 million after deducting offering expenses. The warrants are exercisable for 8,860,778 shares of common stock at $1.25 per share. Subject to certain ownership limitations described in the warrants, the warrants are exercisable until February 17, 2021. The warrants will be exercisable on a “cashless” basis in certain circumstances, including while there is no effective registration statement registering the shares of common stock issuable upon exercise of the warrants until the expiry of the warrants. Such registration statement was declared effective by the SEC on January 30, 2019. The warrants provide that holders will have the right to participate in any rights offering or distribution of assets together with the holders of Common Stock on an as-exercised basis. In conjunction with the offering, the Company also issued to the placement agent warrants to purchase up to 265,823 shares of common stock (the Placement Agent Warrants). The Placement Agent Warrants have substantially the same terms as the warrants to be issued to the purchasers of common stock, except that their exercise price is $1.59 per share. During 2019, the Company received proceeds of $5.9 million from the exercise of 4.6 million shares pursuant to warrants. Subsequent to December 31, 2019 and through March 26 , 2020 , the Company received proceeds of $3.6 million from the exercise of an additional 2.9 million shares pursuant to warrants. Warrants outstanding as of December 31, 2019 and 2018 were as follows: Number of Shares Outstanding under Warrant December 31, Issuance Date Expiration Date Exercise Price Per Share 2019 2018 August 17, 2018 February 17, 2021 1.25 4,496,116 8,860,778 August 17, 2018 February 17, 2021 1.59 7,975 265,823 4,504,091 9,126,601 The sale of common stock and issuance of warrants qualified for equity treatment under GAAP. The respective values of the warrants and common stock were calculated using their relative fair values and classified under common stock and additional paid-in capital. The value ascribed to the warrants is $7.2 million and to the common stock is approximately $3.0 million. The fair value of these warrants was estimated using a Black-Scholes model with the following assumptions: estimated volatility 136% , risk-free interest rate of 2.65% , no dividend and an expected life of 2.5 years. At the Market (ATM) Common Stock Issuance In February 2018, the Company established an at-the-market offering program (ATM) to sell, from time to time, shares of Company common stock in transactions pursuant to a shelf registration statement that was declared effective by the SEC on July 31, 2017. There were no sales of common stock under the ATM Agreement during the year ended December 31, 2019. During the year ended December 31, 2018, the Company sold a total of 1,763,013 shares of its common stock under the ATM Agreement in the open market for net proceeds of $3.9 million. The Company terminated the ATM on February 20, 2020. 2008 Equity Incentive Plan Under the Company’s 2008 Equity Incentive Plan, or 2008 Equity Plan, its employees, directors and consultants received share-based awards, including grants of stock options and performance awards. The 2008 Equity Plan expired in December 2017. Share-based awards generally expire ten years from the date of grant. 2018 Equity Incentive Plan On January 31, 2018, the Company’s Board of Directors approved the Company’s 2018 Omnibus Incentive Plan (the 2018 Plan). The Company’s Board of Directors or a designated Committee of the Board is responsible for administration of the 2018 Plan and determined the terms and conditions of each option granted, consistent with the terms of the 2018 Plan. The Company’s employees, directors, and consultants are eligible to receive awards under the 2018 Plan, including grants of stock options and performance awards. Share-based awards generally expire ten years from the date of grant. The 2018 Plan provides for issuance of up to 1,000,000 shares of common stock, par value $0.001 per share under the 2018 Plan, subject to adjustment as provided in the 2018 Plan. When stock options or performance awards are exercised net of the exercise price and taxes, the number of shares of stock issued is reduced by the number of shares equal to the amount of taxes owed by the award recipient and that number of shares are cancelled. The Company then uses its cash to pay tax authorities the amount of statutory taxes owed by and on behalf of the award recipient. Stock Options The following summarizes information about stock option activity during 2019: Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value In years In millions Outstanding as of December 31, 2018 2,964,973 $ 14.14 6.06 $ 0.0 Options granted 425,000 1.80 Options exercised — — Options forfeited/canceled (179,008) 18.37 Outstanding as of December 31, 2019 3,210,965 12.27 6.05 $ 4,153,583 Vested and expected to vest at December 31, 2019 3,210,965 12.27 6.05 $ 4,153,583 Exercisable at December 31, 2019 2,143,886 $ 17.06 4.70 $ 1,258,713 The following summarizes information about stock options at December 31, 2019 by a range of exercise prices: Options outstanding Options exercisable Weighted average Weighted Weighted Number of remaining average Number of average Range of exercise prices outstanding contractual exercise vested exercise From To options life (in years) price options price $ 0.95 $ 1.88 707,500 9.4 $ 1.48 93,487 $ 1.02 $ 3.24 $ 4.09 892,575 7.7 $ 3.56 497,433 $ 3.54 $ 4.10 $ 16.66 688,323 5.2 $ 12.04 631,412 $ 12.44 $ 16.87 $ 35.00 779,691 2.7 $ 25.03 778,678 $ 25.03 $ 36.40 $ 53.55 142,876 1.6 $ 51.65 142,876 $ 51.65 3,210,965 6.1 $ 12.27 2,143,886 $ 17.06 The Company uses Black-Scholes to estimate the fair value of options granted. Black-Scholes considers a number of factors, including the market price of the Company’s common stock. For options granted to employees and directors, it used certain factors to value each stock option granted, which resulted in a weighted average fair value of options granted during 2019 and 2018, as follows: 2019 2018 Volatility 118% to 119% 87% to 118% Risk-free interest rates 1.7% to 2.5% 2.7% to 2.9% Expected life of option 7 years 7 years Dividend yield zero zero Forfeiture rate zero zero Weighted average fair value of stock options granted $1.60 $0.98 Volatility is based on reviews of the historical volatility of the Company’s common stock. Risk-free interest rates are based on yields of U.S. treasury notes in effect at the date of grant. Expected life of option is based on actual historical option exercises. Dividend yield is zero because the Company does not anticipate paying cash dividends in the foreseeable future. For options granted to non-employees, the Company estimates the fair value of stock options granted using factors similar to those used for stock options granted to employees and directors and appropriate for the terms underlying the stock options granted to non-employees. As of December 31, 2019, the Company expects to recognize compensation expense of $ 2.1 million related to non-vested options held by employees and directors over the weighted average remaining recognition period of 2.7 years. Performance Awards The following summarizes information about performance award activity during 2019: Number of Performance Awards Outstanding as of December 31, 2018 138,055 Granted — Vested performance awards — Forfeited/Canceled — Outstanding as of December 31, 2019 138,055 If and when outstanding performance awards vest, the Company would recognize $ 2.3 million in non-cash stock-based compensation expense. These performance awards expire between 2022 and 2026 . Stock-Based Compensation Expense The following summarizes information about non-cash stock-based compensation expense, in thousands: Twelve months ended December 31, 2019 2018 Research and development $ 542 $ 1,043 General and administrative 754 1,345 Total non-cash stock-based compensation expense $ 1,296 $ 2,388 |
Employee 401(k) Benefit Plan
Employee 401(k) Benefit Plan | 12 Months Ended |
Dec. 31, 2019 | |
Employee 401(k) Benefit Plan [Abstract] | |
Employee 401(k) Benefit Plan | 6. Employee 401(k) Benefit Plan The Company has a defined-contribution savings plan under Section 401(k) of the Internal Revenue Code. The plan covers substantially all employees. Employees are eligible to participate in the plan the first day of the month after hire and may contribute up to the current statutory limits under Internal Revenue Service regulations. The 401(k) plan permits the Company to make additional matching contributions on behalf of all employees. Through December 31, 2019, the Company has not made any matching contributions to the 401(k) plan. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Taxes [Abstract] | |
Income Taxes | 7. Income Taxes U.S. Tax Reform In December 2017, legislation commonly known as the Tax Cuts and Jobs Act, or the Tax Act, was signed into law. The Tax Act included a number of changes to existing tax law, including, among other changes, a permanent reduction the U.S. federal corporate tax rate from 35% to 21% , effective as of January 1, 2018, as well as limitation of the deduction for net operating losses to 80% of annual taxable income and elimination of net operating loss carrybacks, in each case, for losses arising in taxable years beginning after December 31, 2017 (though any such net operating losses may be carried forward indefinitely). In connection with the Tax Act, the Company remeasured certain deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future, which is generally 21%. The remeasurement of the Company's deferred tax balance was primarily offset by application of its valuation allowance. The Company completed its accounting for all of the enactment date income tax effects of the Tax Act as of December 31, 2018 and recognized no material adjustments. The Company did not provide for income taxes in 2019 and 2018 because it had a net operating loss for tax purposes in those years and the tax benefit that would have resulted from the statutory rate was fully offset by the valuation allowance. The reconciliation of the statutory federal income tax rate to the Company’s effective tax rate for the years ended December 31, 2019 and 2018 was as follows: Year ended December 31, 2019 2018 Tax at federal statutory rate 21.0 % 21.0 % State tax, net of federal benefit - - Equity-based compensation (2.4) (2.9) Research & development credits 0.6 1.9 Change in valuation allowance (19.2) (20.0) Effective income tax rate — % — % Deferred tax assets and valuation allowance Deferred tax assets reflect the tax effects of net operating loss and tax credit carryforwards and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The Company’s deferred taxes assets at December 31, 2019 and 2018 were valued at the corporate tax rate of 21% to reflect the Tax Act. The Company offsets its deferred tax assets by a valuation allowance because it is uncertain about the timing and amount of any future profits. Significant components of its deferred tax assets are as follows (in thousands): December 31, 2019 2018 Deferred tax assets: Net operating loss carryforwards $ 17,110 $ 16,500 Stock-related compensation 5,817 5,700 Research & development credit carryforwards 6,587 6,500 Other 237 100 Total deferred tax assets: 29,751 28,800 Valuation allowance (29,725) (28,800) Net deferred tax assets: $ 26 $ — Deferred tax liabilities: Property and equipment $ (7) $ — Operating lease right-of-use assets (19) — Total deferred tax liabilities: $ (26) $ — Net deferred tax asset / (liability): $ — $ — The valuation allowance increased by $0.9 million and $1.3 million in 2019 and 2018, respectively , due to additional book losses in the periods . The Company’s pre-tax net operating loss carryforwards of $81.5 million are federal, of which $74.1 million expires between 2029 and 2037 and $7.4 million carries forward indefinitely . As of December 31, 2019, the Company had federal research and development tax credits of approximately $11.0 million, which expire in the years 2023 through 2038 . Unrecognized tax benefits The Company has unrecognized tax benefits related to tax credits. The Company added to its unrecognized tax benefits in 2019 and 2018 as follows (in thousands): Year ended December 31, 2019 2018 Beginning balance $ 4,400 $ 4,300 Additions based on tax positions related to the current year — 100 Ending balance $ 4,400 $ 4,400 As of December 31, 2019, there were no unrecognized tax benefits that we expect would change significantly over the next 12 months. The Company files U.S. and Texas income tax returns. In the United States, the statute of limitations with respect to the federal income tax returns for tax years after 2015 are open to audit; however, since the Company has net operating losses, the taxing authority has the ability to review tax returns prior to the 2016 tax year and make adjustments to these net operating loss carryforwards. We are not under audit in any taxing jurisdiction at this time. |
Leases And Commitments
Leases And Commitments | 12 Months Ended |
Dec. 31, 2019 | |
Leases And Commitments [Abstract] | |
Leases And Commitments | 8. Leases and Commitments The Company leases approximately 6,000 square feet of office space pursuant to a non-cancelable operating lease in Austin, TX that expires on December 31, 2020 . Future minimum lease payments are (in thousands) . For the year ending December 31, 2020 99 Total future minimum lease payments $ 99 Lease: imputed interest (9) Total $ 90 The Company believes that its facilities are adequate and suitable for its current needs. Rent expense was $0.1 million both in 2019 and 2018. The Company conducts its product research and development programs through a combination of internal and collaborative programs that include, among others, arrangements with universities, contract research organizations and clinical research sites. It has contractual arrangements with these organizations, however these contracts are cancelable on thirty days’ notice and the Company’s obligations under these contracts are largely based on services performed. |
Summary Of Significant Accoun_2
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2019 | |
Summary Of Significant Accounting Policies [Abstract] | |
Use Of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires that management make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenue earned and expenses incurred during the reporting period. Actual results could differ from those estimates. |
Proceeds From Grants | Proceeds from Grants In 2019, the Company received $4.7 million of reimbursement from the National Institutes of Health and National Institute on Drug Abuse and $3.0 million in 2018. The Company records the proceeds from these grants as reductions to its research and development expenses. |
Cash And Cash Equivalents And Concentration Of Credit Risk | Cash and Cash Equivalents and Concentration of Credit Risk The Company invests in cash and cash equivalents and, in the past, marketable securities. The Company considers highly-liquid financial instruments with original maturities of three months or less to be cash equivalents. Highly liquid investments that are considered cash equivalents include money market funds, certificates of deposit, treasury bills and commercial paper. The carrying value of cash equivalents approximates fair value due to the short-term maturity of these securities. The Company’s investment policy allows for investments in marketable securities with active secondary or resale markets, establishes diversification and credit quality requirements and limits investments by maturity and issuer. The Company maintains its investments at one financial institution. |
Fair Value Measurements | Fair Value Measurements The Company reports its cash and cash equivalents at fair value as Level 1, Level 2 or Level 3 using the following inputs: · Level 1 includes quoted prices in active markets. The Company bases the fair value of money market funds and U.S. treasury securities on Level 1 inputs. · Level 2 includes significant observable inputs, such as quoted prices for identical or similar investments, or other inputs that are observable and can be corroborated by observable market data for similar securities. The Company uses market pricing and other observable market inputs obtained from third-party providers. It uses the bid price to establish fair value where a bid price is available. The Company bases the fair value of its certificates of deposit and marketable securities, if any, on Level 2 inputs. · Level 3 includes unobservable inputs that are supported by little or no market activity. The Company does not have any investments where the fair value is based on Level 3 inputs. If a financial instrument uses inputs that fall in different levels of the hierarchy, the instrument will be categorized based upon the lowest level of input that is significant to the fair value calculation. Certificates of deposit are included within cash equivalents as a Level 2 input. The fair value of the remainder of cash and cash equivalents was based on Level 1 inputs at December 31, 2019 and 2018. |
Business Segments | Business Segments The Company reports segment information based on how it internally evaluates the operating performance of its business units, or segments. The Company’s operations are confined to one business segment: the development of novel drugs and diagnostics. |
Stock-Based Compensation | Stock-based Compensation The Company recognizes non-cash expense for the fair value of all stock options and other share-based awards. The Company uses the Black-Scholes option valuation model to calculate the fair value of stock options, using the single-option award approach and straight-line attribution method. This model requires the input of subjective assumptions including expected stock price volatility, expected life and estimated forfeitures of each award. These assumptions consist of estimates of future market conditions, which are inherently uncertain, and therefore, are subject to management's judgment. The Company adopted ASU No. 2018-07, Compensation—Stock Compensation (Topic 718) , Improvements to Nonemployee Share-Based Payment Accounting , on January 1, 2019. Accordingly, for all options granted, it recognizes the resulting fair value as expense on a straight-line basis over the vesting period of each respective stock option, generally four years. The Company has granted share-based awards that vest upon achievement of certain performance criteria, or performance awards. The Company multiplies the number of performance awards by the fair market value of its common stock on the date of grant to calculate the fair value of each award. It estimates an implicit service period for achieving performance criteria for each award. The Company recognizes the resulting fair value as expense over the implicit service period when it concludes that achieving the performance criteria is probable. The Company periodically reviews and updates as appropriate its estimates of implicit service periods and conclusions on achieving the performance criteria. Performance awards vest and common stock is issued upon achievement of the performance criteria. |
Net Loss Per Share | Net Loss per Share Basic net loss per share is computed on the basis of the weighted-average number of common shares outstanding for the reporting period. Diluted net loss per share is computed on the basis of the weighted-average number of common shares outstanding plus dilutive potential common shares outstanding using the treasury-stock method. Potential dilutive common shares consist of outstanding equity awards and warrants. There is no difference between the Company’s net loss and comprehensive loss. The numerators and denominators in the calculation of basic and diluted net loss per share were as follows (in thousands): Year ended December 31, 2019 2018 Numerator: Net loss $ (4,631) $ (6,557) Denominator: Shares used in computing net loss per share, basic and diluted 17,412 10,682 Net loss per share, basic and diluted $ (0.27) $ (0.61) The Company excluded weighted equity awards and warrants outstanding to purchase common stock from the calculation of diluted net loss per share because the effect of including these shares in this calculation would be anti-dilutive. The potential shares of common stock that have been excluded from the diluted loss per share calculation above for the years ended December 31, 2019 and 2018 were as follows: Year ended December 31, 2019 2018 Stock options 2,932,421 2,864,754 Stock warrants 4,504,091 9,126,601 Potential common shares 7,436,512 11,991,355 |
Fair Value Of Financial Instruments | Fair Value of Financial Instruments Financial instruments include cash and cash equivalents, accounts payable and accrued liabilities. The estimated fair value of financial instruments has been determined using available market information or other appropriate valuation methodologies. However, considerable judgment is required in interpreting market data to develop estimates of fair value; therefore, the estimates are not necessarily indicative of the amounts that could be realized or would be paid in a current market exchange. The effect of using different market assumptions and/or estimation methodologies may be material to the estimated fair value amounts. The carrying amounts of cash and cash equivalents, accounts payable and accrued liabilities are at cost, which approximates fair value due to the short maturity of those instruments. |
Right-Of-Use Asset And Liability | Right-of-use Asset and Liability The Company has a single non-cancelable operating lease for approximately 6,000 square feet of office space in Austin, Texas that expires on December 31, 2020 , which is used for the development of novel drugs. Prior to January 1, 2019, the Company accounted for leases in accordance with the provisions of ASC Topic 840. Under the previous leasing guidance, the Company expensed lease payments over the term of the lease and did not give recognition to any lease related assets or liabilities on its balance sheet. On January 1, 2019, the Company adopted ASU No. 2016-02 , Leases (ASC 842) which, as permitted by ASC Topic 842, is the date of initial application. The core principle of ASC Topic 842 is that a lessee should recognize the assets and liabilities that arise from leases. For operating leases, a lessee is required to recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in the statement of financial position. The Company recognized a right-of-use asset and operating lease liability upon the adoption of ASU 2016-02 which increased total assets and total liabilities relative to such amounts prior to adoption. The Company utilized a discount rate of 5.5% to determine the present value of the future lease payments which represents the Company’s incremental borrowing rate. The impact of adopting ASC 842 on assets and liabilities recorded as of January 1, 2019 were as follows (in thousands): Assets Operating lease right-of-use assets $ 180 Liabilities Operating lease liabilities, current 90 Operating lease liabilities, non-current $ 90 The Company recorded a reduction of the non-current portion of the lease liability and an offsetting reduction in the right-of-use assets of $90,000 during the year ended December 31, 2019. There was no change to the statement of operations during the year ended December 31, 2019 or statement of cash flows during the year ended September 30, 2019 as a result of the adoption of ASC Topic 842. See additional information regarding leases in Note 8 – Commitments and Contingencies. |
Income Taxes | Income Taxes The Company accounts for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax balances are adjusted to reflect tax rates based on currently enacted tax laws, which will be in effect in the years in which the temporary differences are expected to reverse. The Company has accumulated significant deferred tax assets that reflect the tax effects of net operating loss and tax credit carryovers and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Realization of certain deferred tax assets is dependent upon future earnings. The Company is uncertain about the timing and amount of any future earnings. Accordingly, the Company offsets these deferred tax assets with a valuation allowance. The Company accounts for uncertain tax positions in accordance with ASC 740, “Income Taxes”, which clarifies the accounting for uncertainty in tax positions. These provisions require recognition of the impact of a tax position in the Company’s financial statements only if that position is more likely than not of being sustained upon examination by taxing authorities, based on the technical merits of the position. Any interest and penalties related to uncertain tax positions will be reflected as a component of income tax expense. |
Research Contract Costs And Accruals | Research Contract Costs and Accruals The Company has entered into various research and development contracts with research institutions and other third-party vendors. These agreements are generally cancelable, and related payments are recorded as research and development expenses as incurred. The Company records accruals for estimated ongoing research costs. When evaluating the adequacy of the accrued liabilities, the Company analyzes progress of the studies including the phase or completion of events, invoices received and contracted costs. Significant judgments and estimates are made in determining the accrued balances at the end of any reporting period. Actual results could differ from the Company’s estimates. The Company’s historical accrual estimates have not been materially different from the actual costs. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements The Company reviewed recently issued accounting pronouncements and plan to adopt those that are applicable to it, and does not expect the adoption of these pronouncements to have a material impact on its financial position, results of operations or cash flows. In December 2019, the FABS issued ASU No. 2019-12, Income Taxes (Topic 740) Simplifying Accounting for Income Taxes as part of its initiative to reduce complexity in the accounting standards . The guidance amended certain disclosure requirements that had become redundant, outdated or superseded. Additionally, this guidance amends accounting for the interim period effects of changes in tax laws or rates, and simplifies aspects of the accounting for franchise taxes. The guidance is effective for annual periods beginning after December 15, 2020, and is applicable for the Company in fiscal 2021. Early adoption is permitted. The Company does not anticipate that this guidance will have a material impact on its consolidated financial statements. In November 2018, the FASB issued ASU No. 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction Between Topic 808 and Topic 606. The amendments in this update provide guidance on how to assess whether certain transactions between collaborative arrangement participants should be accounted for within the revenue recognition standard. The amendments in this update are effective for interim and annual periods for the Company beginning on January 1, 2020. The Company does not anticipate that this guidance will have a material impact on its consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820) - Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement (ASU 2018-13), which is designed to improve the effectiveness of disclosures by removing, modifying and adding disclosures related to fair value measurements. ASU 2018-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The Company is currently evaluating the impact of ASU 2018-13 on its consolidated financial statements. |
Summary Of Significant Accoun_3
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Summary Of Significant Accounting Policies [Abstract] | |
Numerators And Denominators In The Calculation Of Basic And Diluted Net Loss Per Share | Year ended December 31, 2019 2018 Numerator: Net loss $ (4,631) $ (6,557) Denominator: Shares used in computing net loss per share, basic and diluted 17,412 10,682 Net loss per share, basic and diluted $ (0.27) $ (0.61) |
Potential Common Shares Excluded From Diluted Loss Per Share Calculation | Year ended December 31, 2019 2018 Stock options 2,932,421 2,864,754 Stock warrants 4,504,091 9,126,601 Potential common shares 7,436,512 11,991,355 |
Assets And Liabilities Related To Operating Leases | Assets Operating lease right-of-use assets $ 180 Liabilities Operating lease liabilities, current 90 Operating lease liabilities, non-current $ 90 |
Stockholders' Equity And Stoc_2
Stockholders' Equity And Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Stockholders' Equity And Stock-Based Compensation [Abstract] | |
Warrants Outstanding | Number of Shares Outstanding under Warrant December 31, Issuance Date Expiration Date Exercise Price Per Share 2019 2018 August 17, 2018 February 17, 2021 1.25 4,496,116 8,860,778 August 17, 2018 February 17, 2021 1.59 7,975 265,823 4,504,091 9,126,601 |
Stock Option Activity | Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value In years In millions Outstanding as of December 31, 2018 2,964,973 $ 14.14 6.06 $ 0.0 Options granted 425,000 1.80 Options exercised — — Options forfeited/canceled (179,008) 18.37 Outstanding as of December 31, 2019 3,210,965 12.27 6.05 $ 4,153,583 Vested and expected to vest at December 31, 2019 3,210,965 12.27 6.05 $ 4,153,583 Exercisable at December 31, 2019 2,143,886 $ 17.06 4.70 $ 1,258,713 |
Information About Stock Options Outstanding | Options outstanding Options exercisable Weighted average Weighted Weighted Number of remaining average Number of average Range of exercise prices outstanding contractual exercise vested exercise From To options life (in years) price options price $ 0.95 $ 1.88 707,500 9.4 $ 1.48 93,487 $ 1.02 $ 3.24 $ 4.09 892,575 7.7 $ 3.56 497,433 $ 3.54 $ 4.10 $ 16.66 688,323 5.2 $ 12.04 631,412 $ 12.44 $ 16.87 $ 35.00 779,691 2.7 $ 25.03 778,678 $ 25.03 $ 36.40 $ 53.55 142,876 1.6 $ 51.65 142,876 $ 51.65 3,210,965 6.1 $ 12.27 2,143,886 $ 17.06 |
Weighted Average Fair Value Of Options Granted | 2019 2018 Volatility 118% to 119% 87% to 118% Risk-free interest rates 1.7% to 2.5% 2.7% to 2.9% Expected life of option 7 years 7 years Dividend yield zero zero Forfeiture rate zero zero Weighted average fair value of stock options granted $1.60 $0.98 |
Summary Of Performance Award Activity | Number of Performance Awards Outstanding as of December 31, 2018 138,055 Granted — Vested performance awards — Forfeited/Canceled — Outstanding as of December 31, 2019 138,055 |
Summary Of Non-Cash Stock-Based Compensation | Twelve months ended December 31, 2019 2018 Research and development $ 542 $ 1,043 General and administrative 754 1,345 Total non-cash stock-based compensation expense $ 1,296 $ 2,388 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Taxes [Abstract] | |
Schedule Of Effective Income Tax Rate Reconciliation | Year ended December 31, 2019 2018 Tax at federal statutory rate 21.0 % 21.0 % State tax, net of federal benefit - - Equity-based compensation (2.4) (2.9) Research & development credits 0.6 1.9 Change in valuation allowance (19.2) (20.0) Effective income tax rate — % — % |
Schedule Of Deferred Tax Assets And Valuation Allowance | December 31, 2019 2018 Deferred tax assets: Net operating loss carryforwards $ 17,110 $ 16,500 Stock-related compensation 5,817 5,700 Research & development credit carryforwards 6,587 6,500 Other 237 100 Total deferred tax assets: 29,751 28,800 Valuation allowance (29,725) (28,800) Net deferred tax assets: $ 26 $ — Deferred tax liabilities: Property and equipment $ (7) $ — Operating lease right-of-use assets (19) — Total deferred tax liabilities: $ (26) $ — Net deferred tax asset / (liability): $ — $ — |
Schedule Of Unrecognized Tax Benefits | Year ended December 31, 2019 2018 Beginning balance $ 4,400 $ 4,300 Additions based on tax positions related to the current year — 100 Ending balance $ 4,400 $ 4,400 |
Leases And Commitments (Tables)
Leases And Commitments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases And Commitments [Abstract] | |
Future Minimum Lease Payments | For the year ending December 31, 2020 99 Total future minimum lease payments $ 99 Lease: imputed interest (9) Total $ 90 |
General And Liquidity (Details)
General And Liquidity (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
General And Liquidity [Abstract] | ||
Accumulated deficit | $ (168,587) | $ (163,956) |
Summary Of Significant Accoun_4
Summary Of Significant Accounting Policies (Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)ft²segment | Dec. 31, 2018USD ($) | Jan. 01, 2019 | |
Summary Of Significant Accounting Policies [Line Items] | |||
Reimbursement from National Institutes of Health and National Institute on Drug Abuse | $ 4,700 | $ 3,000 | |
Number of business segments | segment | 1 | ||
Vesting period of stock options | 4 years | ||
Leases, discount rate | 5.50% | ||
Reduction of non-current lease liability and offsetting reduction in right-of-use assets | $ 90 | ||
Austin, Texas [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Office space | ft² | 6,000 | ||
Lease expiration date | Dec. 31, 2020 |
Summary Of Significant Accoun_5
Summary Of Significant Accounting Policies (Numerators And Denominators In The Calculation Of Basic And Diluted Net Loss Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Numerator: | ||
Net loss | $ (4,631) | $ (6,557) |
Denominator: | ||
Shares used in computing net loss per share, basic and diluted | 17,412 | 10,682 |
Net loss per share, basic and diluted | $ (0.27) | $ (0.61) |
Summary Of Significant Accoun_6
Summary Of Significant Accounting Policies (Potential Common Shares Excluded From Diluted Loss Per Share Calculation) (Details) - shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Significant Accounting Policies [Line Items] | ||
Potential common shares excluded from the diluted loss per share | 7,436,512 | 11,991,355 |
Stock Options [Member] | ||
Significant Accounting Policies [Line Items] | ||
Potential common shares excluded from the diluted loss per share | 2,932,421 | 2,864,754 |
Stock Warrants [Member] | ||
Significant Accounting Policies [Line Items] | ||
Potential common shares excluded from the diluted loss per share | 4,504,091 | 9,126,601 |
Summary Of Significant Accoun_7
Summary Of Significant Accounting Policies (Assets And Liabilities Related To Operating Leases) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Assets [Abstract] | |||
Operating lease right-of-use assets | $ 90 | ||
Liabilities [Abstract] | |||
Operating lease liabilities, current | 90 | ||
Operating lease liabilities, non-current | |||
ASU No. 2016-02 [Member] | |||
Assets [Abstract] | |||
Operating lease right-of-use assets | $ 180 | ||
Liabilities [Abstract] | |||
Operating lease liabilities, current | 90 | ||
Operating lease liabilities, non-current | $ 90 |
Property And Equipment (Details
Property And Equipment (Details) - USD ($) $ in Thousands | Jan. 01, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | |||
Accumulated depreciation | $ 900 | $ 900 | |
Subsequent Event [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Net proceeds from sale of equipment | $ 100 | ||
Furniture And Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, purchase value | $ 1,000 | $ 1,000 |
Stockholders' Equity And Stoc_3
Stockholders' Equity And Stock-Based Compensation (Narrative) (Details) - USD ($) | Aug. 17, 2018 | Mar. 26, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award expiration period | 4 years | |||
Dividend yield | 0.00% | 0.00% | ||
Offering of common stock shares | 120,000,000 | 120,000,000 | ||
Proceeds from exercise of warrants | $ 5,866,000 | |||
Number of shares execrise | 4,504,091 | 9,126,601 | ||
Par value per share | $ 0.001 | $ 0.001 | ||
Expected life | 7 years | 7 years | ||
Common stock | $ 22,000 | $ 17,000 | ||
2018 Registered Direct Offering [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares issued | 8,860,778 | |||
Price per share | $ 1.275 | |||
Common stock | $ 3,000,000 | |||
2008 Equity Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award expiration period | 10 years | |||
Compensation costs prior to forfeiture | $ 2,100,000 | |||
Weighted average remaining recognition period | 2 years 8 months 12 days | |||
2018 Equity Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expiration period of stock options granted | 10 years | |||
Offering of common stock shares | 1,000,000 | |||
Par value per share | $ 0.001 | |||
ATM Agreement [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Net proceeds from offering | $ 3,900,000 | |||
Number of common stock sold shares | 1,763,013 | |||
Performance Awards [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Additional stock compensation expense | $ 2,300,000 | |||
Performance Awards vested | ||||
Performance Awards [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Performance awards expiration date | Dec. 31, 2026 | |||
Performance Awards [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Performance awards expiration date | Jan. 1, 2022 | |||
Warrants [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares execrise | 4,496,116 | 8,860,778 | ||
Warrants [Member] | Subsequent Event [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Proceeds from exercise of warrants | $ 3,600,000 | |||
Number of shares execrise | 2,900,000 | |||
Warrants [Member] | 2018 Registered Direct Offering [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of common stock from warrants exercisable | 8,860,778 | |||
Net proceeds from offering | $ 10,100,000 | |||
Price per share | $ 1.25 | |||
Volatility | 136.00% | |||
Risk-free interest rates | 2.65% | |||
Dividend | $ 0 | |||
Expected life | 2 years 6 months | |||
Placement Agent Warrants [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares execrise | 7,975 | 265,823 | ||
Placement Agent Warrants [Member] | 2018 Registered Direct Offering [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Warrant value | $ 7,200,000 | |||
Shares issued | 265,823 | |||
Price per share | $ 1.59 |
Stockholders' Equity And Stoc_4
Stockholders' Equity And Stock-Based Compensation (Warrants Outstanding) (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Shares Outstanding | 4,504,091 | 9,126,601 |
Warrants [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Issuance Date | Aug. 17, 2018 | |
Expiration Date | Feb. 17, 2021 | |
Exercise Price Per Share | $ 1.25 | |
Number of Shares Outstanding | 4,496,116 | 8,860,778 |
Placement Agent Warrants [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Issuance Date | Aug. 17, 2018 | |
Expiration Date | Feb. 17, 2021 | |
Exercise Price Per Share | $ 1.59 | |
Number of Shares Outstanding | 7,975 | 265,823 |
Stockholders' Equity And Stoc_5
Stockholders' Equity And Stock-Based Compensation (Stock Option Activity) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Stockholders' Equity And Stock-Based Compensation [Abstract] | ||
Outstanding as of December 31, 2018 | 2,964,973 | |
Options granted | 425,000 | |
Options exercised | ||
Options forfeited/canceled | (179,008) | |
Outstanding as of December 31, 2019 | 3,210,965 | 2,964,973 |
Number of Options, Vested and expected to vest at December 31, 2019 | 3,210,965 | |
Number of Options, Exercisable at December 31, 2019 | 2,143,886 | |
Weighted Average Exercise Price, Outstanding as of December 31, 2018 | $ 14.14 | |
Weighted Average Exercise Price, Granted | 1.80 | |
Weighted Average Exercise Price, Exercised | ||
Weighted Average Exercise Price, Forfeited/cancelled | 18.37 | |
Weighted Average Exercise Price, Outstanding as of December 31, 2019 | 12.27 | $ 14.14 |
Weighted Average Exercise Price, Vested and expected to vest at December 31, 2019 | 12.27 | |
Weighted Average Exercise Price, Exercisable at December 31, 2019 | $ 17.06 | |
Weighted Average Remaining Contractual Term | 6 years 18 days | 6 years 22 days |
Weighted Average Remaining Contractual Term, Vested and expected to vest at December 31, 2019 | 6 years 18 days | |
Weighted Average Remaining Contractual Term, Exercisable at December 31, 2019 | 4 years 8 months 12 days | |
Outstanding, Aggregate Intrinsic Value | $ 4,153,583 | $ 0 |
Aggregate Intrinsic Value, Vested and expected to vest at December 31, 2019 | 4,153,583 | |
Aggregate Intrinsic Value, Exercisable at December 31, 2019 | $ 1,258,713 |
Stockholders' Equity And Stoc_6
Stockholders' Equity And Stock-Based Compensation (Information About Stock Options Outstanding) (Details) | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number of outstanding options, Options outstanding | shares | 3,210,965 |
Weighted average remaining contractual life (in years), Options outstanding | 6 years 1 month 6 days |
Weighted average exercise price, Options outstanding | $ 12.27 |
Number of vested options, Options exercisable | shares | 2,143,886 |
Weighted average exercise price, Options exercisable | $ 17.06 |
$3.24 - $4.09 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of exercise prices, Minimum | 0.95 |
Range of exercise prices, Maximum | $ 1.88 |
Number of outstanding options, Options outstanding | shares | 707,500 |
Weighted average remaining contractual life (in years), Options outstanding | 9 years 4 months 24 days |
Weighted average exercise price, Options outstanding | $ 1.48 |
Number of vested options, Options exercisable | shares | 93,487 |
Weighted average exercise price, Options exercisable | $ 1.02 |
$4.10 - $15.61 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of exercise prices, Minimum | 3.24 |
Range of exercise prices, Maximum | $ 4.09 |
Number of outstanding options, Options outstanding | shares | 892,575 |
Weighted average remaining contractual life (in years), Options outstanding | 7 years 8 months 12 days |
Weighted average exercise price, Options outstanding | $ 3.56 |
Number of vested options, Options exercisable | shares | 497,433 |
Weighted average exercise price, Options exercisable | $ 3.54 |
$16.31 - $23.38 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of exercise prices, Minimum | 4.10 |
Range of exercise prices, Maximum | $ 16.66 |
Number of outstanding options, Options outstanding | shares | 688,323 |
Weighted average remaining contractual life (in years), Options outstanding | 5 years 2 months 12 days |
Weighted average exercise price, Options outstanding | $ 12.04 |
Number of vested options, Options exercisable | shares | 631,412 |
Weighted average exercise price, Options exercisable | $ 12.44 |
$23.59 - $35.00 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of exercise prices, Minimum | 16.87 |
Range of exercise prices, Maximum | $ 35 |
Number of outstanding options, Options outstanding | shares | 779,691 |
Weighted average remaining contractual life (in years), Options outstanding | 2 years 8 months 12 days |
Weighted average exercise price, Options outstanding | $ 25.03 |
Number of vested options, Options exercisable | shares | 778,678 |
Weighted average exercise price, Options exercisable | $ 25.03 |
$36.40 - $53.55 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Range of exercise prices, Minimum | 36.40 |
Range of exercise prices, Maximum | $ 53.55 |
Number of outstanding options, Options outstanding | shares | 142,876 |
Weighted average remaining contractual life (in years), Options outstanding | 1 year 7 months 6 days |
Weighted average exercise price, Options outstanding | $ 51.65 |
Number of vested options, Options exercisable | shares | 142,876 |
Weighted average exercise price, Options exercisable | $ 51.65 |
Stockholders' Equity And Stoc_7
Stockholders' Equity And Stock-Based Compensation (Weighted Average Fair Value Of Options Granted) (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Stockholders' Equity And Stock-Based Compensation [Abstract] | ||
Volatility, Minimum | 118.00% | 87.00% |
Volatility, Maximum | 119.00% | 118.00% |
Risk-free interest rates, Minimum | 1.70% | 2.70% |
Risk-free interest rates, Maximum | 2.50% | 2.90% |
Expected life of option | 7 years | 7 years |
Dividend yield | 0.00% | 0.00% |
Forfeiture rate | 0.00% | 0.00% |
Weighted average fair value of stock options granted | $ 1.60 | $ 0.98 |
Stockholders' Equity And Stoc_8
Stockholders' Equity And Stock-Based Compensation (Summary Of Performance Award Activity) (Details) - Performance Awards [Member] | 12 Months Ended |
Dec. 31, 2019shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding as of December 31, 2018 | 138,055 |
Granted | |
Vested performance awards | |
Forfeited/Cancelled | |
Outstanding as of December 31, 2019 | 138,055 |
Stockholders' Equity And Stoc_9
Stockholders' Equity And Stock-Based Compensation (Summary Of Non-Cash Stock-Based Compensation) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Total non-cash stock-based compensation expense | $ 1,296 | $ 2,388 |
Research And Development [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Total non-cash stock-based compensation expense | 542 | 1,043 |
General And Administrative [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Total non-cash stock-based compensation expense | $ 754 | $ 1,345 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | Jan. 01, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Operating Loss Carryforwards [Line Items] | ||||
U.S federal corporate tax rate | 21.00% | 21.00% | 35.00% | |
Percentage of deduction for net operating losses | 80.00% | |||
Valuation allowance increase (decrease) | $ 0.9 | $ 1.3 | ||
Federal [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Pre-tax net operating loss carryforwards | 81.5 | |||
Federal [Member] | Expires Between 2029 And 2037 [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Pre-tax net operating loss carryforwards | 74.1 | |||
Federal [Member] | Indefinitely [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Pre-tax net operating loss carryforwards | 7.4 | |||
Federal [Member] | Expires Between 2023 And 2038 [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Federal research and development tax credits | $ 11 | |||
Federal [Member] | Minimum [Member] | Expires Between 2029 And 2037 [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Expiration date of pre-tax net operating loss carryforwards | Jan. 1, 2029 | |||
Federal [Member] | Minimum [Member] | Expires Between 2023 And 2038 [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Expiration date of federal research and development tax credits | Jan. 1, 2023 | |||
Federal [Member] | Maximum [Member] | Expires Between 2029 And 2037 [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Expiration date of pre-tax net operating loss carryforwards | Dec. 31, 2037 | |||
Federal [Member] | Maximum [Member] | Expires Between 2023 And 2038 [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Expiration date of federal research and development tax credits | Dec. 31, 2038 |
Income Taxes (Schedule Of Effec
Income Taxes (Schedule Of Effective Income Tax Rate Reconciliation) (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Taxes [Abstract] | |||
Tax at federal statutory rate | 21.00% | 21.00% | 35.00% |
State tax, net of federal benefit | |||
Equity-based compensation | (2.40%) | (2.90%) | |
Research & development credits | 0.60% | 1.90% | |
Change in valuation allowance | (19.20%) | (20.00%) | |
Effective income tax rate |
Income Taxes (Schedule Of Defer
Income Taxes (Schedule Of Deferred Tax Assets And Valuation Allowance) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets: | ||
Net operating loss carryforwards | $ 17,110 | $ 16,500 |
Stock-related compensation | 5,817 | 5,700 |
Research & development credit carryforwards | 6,587 | 6,500 |
Other | 237 | 100 |
Total deferred tax assets | 29,751 | 28,800 |
Valuation allowance | (29,725) | (28,800) |
Net deferred tax assets: | 26 | |
Deferred tax liabilities: | ||
Property and equipment | (7) | |
Operating lease right-of-use assets | (19) | |
Total deferred tax liabilities: | (26) | |
Net deferred tax asset / (liabilities): |
Income Taxes (Schedule Of Unrec
Income Taxes (Schedule Of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income Taxes [Abstract] | ||
Beginning balance | $ 4,400 | $ 4,300 |
Additions based on tax positions related to the current year | 100 | |
Ending Balance | $ 4,400 | $ 4,400 |
Leases And Commitments (Narrati
Leases And Commitments (Narrative) (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2019USD ($)ft² | Dec. 31, 2018USD ($) | |
Leases And Commitments [Line Items] | ||
Rent expense | $ | $ 0.1 | $ 0.1 |
Austin, Texas [Member] | ||
Leases And Commitments [Line Items] | ||
Office space | ft² | 6,000 |
Leases And Commitments (Future
Leases And Commitments (Future Minimum Lease Payments) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Leases And Commitments [Abstract] | |
For the year ending December 31, 2020 | $ 99 |
Total future minimum lease payments | 99 |
Lease: imputed interest | (9) |
Total | $ 90 |